White-collar crime is increasing, and businesses are searching for new ways to safeguard themselves. Daily news accounts detail more and more entities who are challenged with all types of financial fraud including old school embezzlement, and check theft.
The loss can be overwhelming both in terms of the damage to the organization’s reputation and direct costs. Here are steps to follow if you suspect a white-collar crime has been committed within your company.
White-collar crime can initiate a vast number of problems for a company. All it takes is one crooked employee to bring destruction to your organization. Therefore, it’s crucial that every business has steps in place to prevent white-collar crimes from occurring. This includes having clear and specific policies to notify employees of all legal requirements and checking records and employees to pinpoint any possible signs or discrepancies.
Having processes like these in place could go a long way toward helping your company stop:
- Extortion
- Fraud
- Embezzlement
- And other familiar white-collar crimes
It’s critical that you fully cooperate if your company is under investigation. If this happens, you should first meet with a legal professional such as a criminal defense consultant to assist you during the process. This decision helps protect you from inadvertently incriminating yourself but also increases your chances of fighting any charges against you and your company.
Educate Your Employees
White-collar crimes are usually committed by employees with access to sensitive company information or financial resources. Therefore, any size organization is at risk. An excellent way to protect your business is to educate your employees. School them on how to recognize and report white-collar crime. The adverse effect that white-collar crime could have on a company truly can’t be exaggerated.
Perform a Background Check
One of the most vital steps is to perform a background check on every employee. By investigating for a possible criminal record, companies can be sure the potential new hire isn’t likely to commit a crime. Additionally, businesses must have policies in place that detect and discourage criminal activity.
For any associate who might be handling financial receipts or payments – including payroll, take the extra measure of a deep dive background investigation. We assure you this will pay dividends down the road.
By taking these steps, businesses can help to keep their employees and their companies safe from the growing threat of white-collar crime.
Get Insurance
As the world becomes more and more digital, the threat of cybercrime increases for companies. Yet, many aren’t effectively insured against the threats brought on by white-collar crime. An all-inclusive insurance policy can aid in safeguarding your business from any form of white-collar crime. Besides financial protection, an insurance policy offers access to legal resources that can help reduce the effect on your company’s reputation.
Don’t put off getting insurance. It could save your company from going downhill due to white-collar crime.
Entity titling and ownership structure is another tool of protection especially against the catastrophe type of exposure.
Expert Criminal Defense Consultants
Preventing and detecting white-collar crime requires a proactive approach.
Contact us today to discuss your white-collar crime concerns and get legal advice personalized to your needs. Our expert criminal defense consultants are ready to help you in protecting your company and navigating the intricacies of a white-collar crime case.